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- Spackman Entertainment Eyes Korean Investor Novus Media
- by Pierce Conran / Nov 18, 2014
- Media Group Expands Korean Film Investment following Ancillary Boom
Spackman Entertainment Group has expanded its activities in the Korean film industry after signing a memorandum to acquire a majority share of Korean film investment company Novus Media. The move follows the company’s majority acquisition of Korean media company Breakfastfilm last month.Novus Media is a major Korean film investor that has been involved in recent successes such as Secretly Greatly and Friend: The Great Legacy. The firm has participated in 54 films to date, of which 35 are Korean. Meanwhile, Breakfastfilm specializes in the production to TV and new media commercials as well as k-pop music videos.
Spackman cited the growth of Korea’s ancillary market as a reason behind their intent to acquire Novus. Driven by the increase in online streaming services, the local ancillary market has trebled its revenue since 2009, reaching KRW 268 billion (USD 256 million) last year. VOD and online streaming services such as IPTV as are proving successful in Korea, whereas physical media such as DVD and Blu-ray never matched the popularity they demonstrated in other markets.The Spackman Entertainment Group, first dipped its toes in Korean film when it bought Sidus in 2004, before selling it to Korea Telecom a year later. Two years ago, the firm purchased Opus Pictures (Snowpiercer) and Zip Cinema (All About My Wife, Cold Eyes) before completing a successful IPO on the Singapore Stock Exchange in July of this year.
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